Office Rental Market
- $35.89 2019 Avg. Asking Rent
- 14.34 % 2019 Avg. Vacancy Rate
- 374,750 2019 Office Completions (Sqft)
- 0 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Newark Class A Office Buildings$36.17
- Newark Class B Office Buildings$29.05
- NJ Class A Office Buildings$34.44
- NJ Class B Office Buildings$27.61
- NJ Class C Office Buildings$19.72
Newark, NJ Office Asking Rents by Class
OFFICE CONSTRUCTION IN Newark, NJ
- Newark, NJ Total Sqft completed in 2019 374,750
- Newark, NJ Total Sqft under construction in 2020 0
Building name | Address | Total Sqft | Year built |
---|---|---|---|
Prudential Building | 751 Broad Street, 07102 | 847,506 | 1960 |
Two Gateway Center | 2 Gateway Center, 07102 | 794,000 | 1971 |
Horizon Blue Cross Blue Shield | 3 Penn Plaza East, 07105 | 781,627 | 1992 |
Prudential Tower | 635 Broad Street, 07102 | 733,000 | 2015 |
The Wash Building | 213 Washington Street, 07102 | 600,859 | 1942 |
2 Penn Plaza | 91 Commercial Street, 07105 | 600,000 | 1992 |
National Newark Building - 744 Broad Street | 744 Broad Street, 07102 | 591,931 | 1931 |
Three Gateway Center | 100 Mulberry Street, 07102 | 579,000 | 1985 |
153 Halsey Street | 153 Halsey Street, 07102 | 535,000 | 1927 |
One Gateway Center | 1 Raymond Plaza West, 07102 | 522,087 | 1971 |
Office building | Address | Sqft | Completed |
---|---|---|---|
Ironside Newark | 110 Edison Place, 07102 | 450,000 | 2019 |
Prudential Tower | 635 Broad Street, 07102 | 733,000 | 2015 |
Two Riverfront Plaza | 2 Riverfront Plaza, 07102 | 337,543 | 2013 |
Biotrial North American Headquarters | 130 Norfolk Street, 07103 | 70,000 | 2013 |
Oak Plaza | 375 Chestnut Street, 07105 | 36,415 | 2007 |
University Hospital - Ambulatory Care Center | 140 Bergen Street, 07103 | 195,948 | 2005 |
Claremont Tower | 11 Centre Place, 07102 | 247,067 | 2003 |
375 McCarter Hwy | 375 McCarter Hwy, 07114 | 200,000 | 2003 |
321 University Avenue | 321 University Avenue, 07102 | 88,683 | 2003 |
95-123 Firmenich Way | 95 Firmenich Way, 07114 | 89,542 | 2001 |
Office Spaces for Rent in New Jersey
NEWARK OFFICE SALES TRENDS
- $139.792019 Avg. Price per Sqft
- 25.81 %Y-o-Y Avg. PpSF Change
- $194.6M2019 Office Sales Volume
- 42019 Number of Transactions
In 2019, office sales in Newark averaged $139.79 per square foot. This marked a 25.81 % increase in office price per square foot, compared to the previous year. A total of 4 office sales closed on the Newark office market in 2019, amounting to a total sales volume of $194.6M.
Average Office Sale Price per Sqft
Newark, NJ Sales Trends
- Newark Price per Sqft$139.79
- New Jersey Price per Sqft$141.98
Office Sales - Trend and Volume
- Newark, NJ Total Office Sales Volume in 2019 $194.6M
- Newark, NJ Total Number of Office Sales Closed in 2019 4
Largest Newark Office Sales in 2019
Property name | Address | Date | Price |
---|---|---|---|
Two Gateway Center | 2 Gateway Center | 2/11/2019 | $137,587,400 |
550 Broad Street | 550 Broad Street | 6/5/2019 | $19,000,000 |
321 University Avenue | 321 University Avenue | 3/15/2019 | $15,642,230 |
Academy Building, The | 17 Academy Street | 1/18/2019 | $12,000,000 |
320 University Avenue | 320 University Avenue | 3/15/2019 | $10,357,770 |
See trends for nearby markets
The Newark office market contains an inventory of 15,438,350 square feet of office space, in 48 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Newark commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.